Bitcoin is in the Zone, Crypto Trader says Next Target $300,000 per coin
After registering a surge of 7 percent before the weekend, Bitcoin price yet again goes sluggish. The leading cryptocurrency has yet to move past $3,700 as it remains around $3,650.
But it’s isn’t keeping the Bitcoin enthusiasts, traders, and analysts to claim a great new height. Recently, Jonny Moe, a cryptocurrency trader has called out Bitcoin to be
“in the Zone.”
In a recent podcast, a leading cryptocurrency “OG” has claimed that the leading cryptocurrency would eventually not only rise but will touch a new all-time high. Mark Jeffery that authored “Bitcoin Explained Simply” shared his optimism while speaking to Mark Pesce’s “The Next Billion seconds.”
Though he says cryptos are much like the Dotcom space, the crypto sector is compressed time-wise and development is about five times faster than that. This means the rallies and crashes in this space is amplified.
“I think this is very much like the dot com boom and bust cycle that we saw in the late nineties, early 2000s. So in the dot com boom and bust cycle, it was about four and a half years, maybe five years. In the crypto world, it was about a year and a half. So it was a lot faster.”
But it in no way means the end of Bitcoin and crypto market rather the ongoing bear market is just a byproduct of market cycles and the “middle part”. In fact, the “third act” which he linked with the “return of the Jedi” of Bitcoin is just around the corner.
“The third act is coming. And if it’s anything like the Dotcom boom and bust, we saw a little hump, then a dead period, and then an actual value ascension with Amazon, Google, Facebook, and LinkedIn and on. I think we’re going to see that same thing with cryptocurrencies.”
In light of this, Jeffery doubled-down on his price prediction for Bitcoin at $250,000. However, he didn’t provide a timeline to this which could be years or maybe a decade.
According to Crypto Trader, Moon Overlord, Bitcoin will be going even higher than this number as he gives $300,000 per Bitcoin that too with a timeline i.e 2022.
This number is line with his earlier analysis about Bitcoin starting to pump around 1 year on average before its halving date. With Bitcoin halving coming in May 2020, it is expected to spur a new bull market that would take Bitcoin prices to a new all-time high just like the last time.
These are not the only analysts that are going for the moon. In December, Venture Capitalist, Tim Draper said $250,000 per Bitcoin is a possibility. At that time he said that Bitcoin’s hitting its lowest in the year has been just a byproduct of the market cycle. He further shared that a disruptor of any business often moves with high volatility.